Banksia pre-Christmas payout

The 3000 retail investors of failed debenture issuer Banksia Securities will receive an initial payment of between 10¢ and 15¢ in the dollar before Christmas. “As BSL had substantial funds invested in liquid term deposits with major banks, we intend to make an early first payment to debenture holders," receiver
Tony McGrath
said.

Banksia collapsed last month owing about $650 million. It will close 10 branches and lay off 47 staff, who will get all their entitlements. Information sessions for investors will be held in Ballarat and Shepparton on December 14.

It triggered an investigation into the debenture sector by the Australian Securities and Investments Commission.